My grad school daughter and two college roommates recently rented an apartment together. The roommates are sending my wife and I their share of the rent via Venmo, and then we are writing a check to the landlord. This is because the landlord only wants a single check every month. Are we going to be taxed on receiving these Venmo payments that are above $600 every month? If so, we need to find a new arrangement for paying the rent....
Thanks in advance!
Since you are providing a service to your daughter and her roommates at no charge, there is no income for you to report. If you were to charge them a fee or commission for your services, the fee or commission would be reportable income.
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